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Published on 8/03/2019 10:21:14 AM | Source: HT Media

Wipro shares fall nearly 5% after block deal

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Wipro Ltd witnessed a huge block deal today in which around 26.70 million shares or 0.4% stake of the company changed hands, Bloomberg reported. However, details of the buyers and sellers were not immediately known.

At 9.30 am, Wipro shares were trading 3.2% lower at ₹260 while India's benchmark index Sensex was down 0.11% at 36,683 points. Intraday, Wipro shares hit a low of ₹256 a share, falling as much as 4.76%, its sharpest decline since 14 January.

BloombergQuint had earlier reported that the promoters of the Bengaluru-based company would sell 0.4% stake in the company later in the day.

"Billionaire Azim Premji is expected to sell up to 0.44% stake in Wipro owned through his philanthropic trust," BloombergQuint reported, citing people familiar with the development.

The Azim Premji Trust is part of the promoter group that owns 74.3% in the company.

"The term sheet has a greenshoe option allowing a total sale of 0.44% or up to 26.7 million shares. The terms indicate the shares will be sold between ₹255.4 and 260.8 apiece. That implies a discount of 3% to 5% to Thursday’s closing price," the report said.